News stories from Friday June 7, 1974

Summaries of the stories the major media outlets considered to be of particular importance on this date:

Federal Judge Gerhard Gesell, weighing the possibility of citing President Nixon for contempt, declared that his rejection of a court-approved procedure for producing White House documents in the "plumbers" case was "offensive" and "borders on obstruction." He rebuked James St. Clair, the President's lawyer, for refusing John Ehrlichman and his lawyers access to all of Mr. Ehrlichman's personal notes on presidential meetings. Mr. St. Clair agreed at a hearing last Monday to make the documents available. [New York Times] Another federal judge, John Sirica, lifted the protective order that has kept secret for almost a month the court papers describing President Nixon as an unindicted co-conspirator in the Watergate cover-up? He did so at the request of the President, who said through his lawyer that news reports in which Mr. Nixon was said to be a co-conspirator had made further secrecy unnecessary. [New York Times] Former Attorney General Richard Kleindienst wept when he was given a suspended sentence for misleading a Senate committee investigating the International Telephone and Telegraph Corporation. Chief Judge George Hart of the Federal District Court placed Mr. Kleindienst on one month's unsupervised probation and said that he was a man of "highest integrity" but has "a heart that is too loyal." [New York Times] Unemployment rose slightly in May, but remained in the general range that has prevailed since the start of the year, the Labor Department said in its monthly report on employment. The jobless rate rose to 5.2 percent from 5 percent in April. It was explained that much of the increase in May can be attributed to a quirk in the April figure, which probably showed unemployment dropping more in that month than it actually did. [New York Times] Under a legislative agreement reached between Senate and House conferees, a temporary ban will be put on research involving the living human fetus, a subject which has aroused great controversy. The ban would be limited to research supported by the Department of Health, Education and Welfare, which includes a major part of all health-related research in this country. [New York Times] Detectives and investigators of the prosecutor's office sought to determine whether a number of South Jersey missing persons cases could be linked to Charles Haley, a 20-year-old factory worker who is suspected of slaying two high school girls who had been missing for three months, and who is accused of kidnapping two young women on Thursday. [New York Times] Premier Mariano Rumor of Italy and his key ministers held long meetings to discuss the country's worsening economic crisis. Meanwhile, there were reports in financial circles that the government would officially devalue the lira by 20 percent, and newspapers and politicians speculated that Premier Rumor's cabinet might collapse. [New York Times] The ballet dancers Valery Panov and Galina Ragozina, his wife, who have become central figures in a controversy over free emigration from the Soviet Union, will be permitted to emigrate to Israel, unofficial Soviet sources in Moscow said. They said that the decision to let Miss Ragozina accompany her husband had not been effected by pressure from the West. [New York Times] Secretary of State Kissinger, testifying on behalf of the administration's $5.2 billion foreign aid package at a hearing of the Senate Foreign Relations Committee, said that the United States had agreed to negotiate future American military assistance to Israel on a long-term rather than a yearly basis. This was the first official acknowledgement that the United States -- in an apparent concession to Israel following the Syrian-Israeli agreement on troop disengagement -- had granted a long-standing Israeli request to put American military sales and aid on terms of more than one year. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 853.72 (+8.37, +0.99%)
S&P Composite: 92.55 (+0.59, +0.64%)
Arms Index: 1.74

	Issues	Volume*
Advances	1,100	10.84
Declines	377	6.47
Unchanged	310	1.71
Total Volume		19.02

* in millions of shares

Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.

Market Index Trends
Date	DJIA	S&P	Volume*
June 6, 1974	845.35	91.96	13.35
June 5, 1974	830.18	90.31	13.68
June 4, 1974	828.69	90.14	16.04
June 3, 1974	821.26	89.10	12.49
May 31, 1974	802.17	87.28	10.81
May 30, 1974	803.58	87.43	13.58
May 29, 1974	795.37	86.89	12.30
May 28, 1974	814.30	88.37	10.58
May 24, 1974	816.65	88.58	13.74
May 23, 1974	805.23	87.29	14.77